From “Made in Bangladesh” to “Brand of Bangladesh”: Global E-commerce Platform may Open up New Horizon of Opportunities for Local RMG Manufacturers
It has been 40 years since we are serving the global big brands with our products and designs with pride. However, we are still stuck in the back of the labels or tags and it is high time to level up our game and reach the consumers as a brand. The traditional B2B model may be convenient in many ways but after the Covid-19 break out, it showed us how largely it made us buyer centric. When buyers default, it directly hits our largest export earning sector which is apparently the earning source of 4.5 million people of the country. As of April 2020, global brands and retailers, who purchase clothing goods from Bangladesh, have cancelled & suspended work orders worth $3.18 billion, which directly affected around 2.28 million workers and the dependents of their income. In this circumstances, B2C can be the perfect contingency plan for us to come out of the shadow of the buyers and establish our own market.
With an already established good name in the global apparel industry and growing e-acceptability of e-commerce, it is rather easy for us to penetrate the global consumer market. Moreover, with the hope of relocation of Chinese RMG sector in Bangladesh, the opportunities are even getting bigger. However, there are roadblocks to overcome too. Most of our manufacturers are not aligned with the B2C e-commerce yet and our policies are not yet B2C e-commerce friendly. On the other hand, our product range is not diversified enough to cater the need of consumers around the world as a retailer. However, with the strong willingness of the local manufacturers and policy support we can definitely expand our horizon across the borders.
Sushmita Saha
Assistant Manager
IDLC Finance Limited